| Keep Fed Interest Rates, U.S. Stocks Rise |
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| Wednesday, 17 March 2010 08:49 | |||
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New
York - U.S. stocks ended up on Tuesday, as investors welcomed the
appointment of the Federal Reserve to keep interest rates low "for a
long period of time" after the policy meeting.
Dow Jones Industrial Average rose 43.83 points (0.41 percent) to 10,685.98, as the blue-chip index rose for the sixth consecutive session. The Nasdaq Composite Index added 15.80 points (0.67 percent) to 2378.01 while the broad market index Standard & Poor `s 500 rose 8.95 points (0.78 percent) to 1159.46. The market rose after the Federal Reserve announced a Fed interest rates will be maintained in the range of zero to 0.25 percent to spur economic revival, said analysts at Charles Schwab & Co.. "This confirms again the long period of` language `when referring to the low level of fed funds rate," the analysts said in a client note. By keeping interest rates at extraordinary low levels today, Fed policy makers "do anything to surprise the market," said Joel Naroff of Naroff Economic Advisors. Traders also digested inflation and housing data released before the opening bell. Construction of new homes falling 5.9 percent to 575,000 in February from the revised 611,000 in January but 0.2 percent above the February 2009 figure of 574,000, said the Ministry of Trade. Analysts have estimated the number at 570,000 in February. Prices of goods imported into the U.S. declined 0.3 percent, the first decline in seven months, compared with a revised 1.3 percent increase in January, Labor Department figures showed.
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